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Argentina, Repsol to Sign $5 bln Settlement Deal

Source: Reuters 2/20/2014, Location: South America

Argentina and Repsol will sign a definitive $5 billion settlement over the 2012 nationalisation of the Spanish oil firm's majority stake in Argentine energy group YPF within days, a source involved in the talks said.

Under the terms of the deal, Repsol will receive various bonds with a total nominal value of around $5.5 billion, including already-issued Argentine dollar-denominated bonds and a new ad-hoc 10-year bond worth $3 billion, the source said.

"The important part of this deal is that Argentina recognises $5 billion of debt to Repsol over the expropriation," the source told Reuters on condition of anonymity.

A market source confirmed the deal was comprised of already-issued Argentine bonds and a new 10-year bond. The agreement still needs approval from Argentina's Congress and from Repsol's board of directors and shareholders. The board of the Spanish company is due to discuss the matter on Tuesday.

Repsol declined to comment.

A spokeswoman for Argentina's economy ministry said the Latin American country would not unveil any detail on the deal until it is signed. The government will abide by the confidentiality clause, she also said.

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Related Categories: Accounting, Statistics  Acquisitions and Divestitures  Asset Portfolio Management  Economics/Financial Analysis  General  Industrial Development  Insurance  Investment  Mergers and Acquisitions  Risk Management 

Related Articles: Accounting, Statistics  Acquisitions and Divestitures  Asset Portfolio Management  Economics/Financial Analysis  General  Insurance  Investment  Mergers and Acquisitions  Risk Management 


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